Venezuela's government takes opposite approach to National

The Chavez government in Venezuela shows there's an alternative to the "austerity measures" being imposed by governments worldwide in the wake of the global economic crisis. Taking the opposite approach from the "save the rich/screw the poor" policies pursued by John Key's National government here, Chavez & Co are going after the rich capitalists. They've enforced a series of nationalisations. And they've tightened up control of the currency, fixing a two-tier exchange rate that works for grassroots Venezuelans.  

Venezuela's Economic Woes?

by Federico Fuentes
23 May, 2010

In recent weeks, local and international media have attacked the left-wing Venezuelan government over alleged “economic woes”.

Pointing to Venezuela’s inflation rate — the highest in Latin America — and an economy that shrank 3.3% last year, the private opposition media is raising fears of a serious economic crisis.

These same media outlets, which have been predicting the fall of President Hugo Chavez for years, argue recent government actions will worsen the situation.

Venezuelan business federation Fedecamaras warned on May 5 that Venezuela faces an “economic and social crisis”.